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Tulsa Mortgage : Podcast 19 – Part 1

Speaker 1: This is episode 19 of the Steve and Tyler show.
[background music]
Speaker 2: Welcome to the Steve and Tyler show with and Tyler Whyburn.
Steve: Who negotiated the contract for you?
Tyler: A realtor.
Steve: You pretty smart.
Tyler: Yes. Good for you man.
Speaker 2: They’re talking about everything you need to know about mortgages, home loans and more. Nobody knows mortgages like these two. Get ready because here’s Steve and Tyler.
Steve: What’s happening, Tyler?
Tyler: Just hanging out, Steven. How are you?
Steve: I’m good, are you awake this morning?
Tyler: Barely.
Steve: We’re broadcasting live from the Jinx Studios where we do these Tulsa mortgages. It’s like 4 AM. Not really, it’s pretty early though, feels like 4 AM.
Tyler: It’s like 4 AM in Colorado.
Steve: Colorado Springs mortgage, it’s more– yes, it is. It’s like an hour earlier. I don’t know if we can deal with that but Columbia mortgage over there, our little Columbia office there, there’s central time. I guess it’s roughly around the same time as me, as us.
Tyler: Kalamazoo mortgage, it’s a little earlier there.
Steve: I guess they’re earlier there, too.
Tyler: Pueblo?
Steve: Pueblo mortgage.
Tyler: Farmington?
Steve: Farmington, New Mexico, what time is it there, Farmington Mortgage?
Tyler: I don’t know.
Steve: I guess it’s about the same time as Colorado.
Tyler: Yes.
Steve: They’re in the same time. Tyler, talk to me, what are we talking about today?
Tyler: Today we’re going to talk about a 30-year mortgage versus a 15-year mortgage.
Steve: What do you think about a 30-year versus a 15, Tyler?
Tyler: It’s going to depend on what position you’re in.
Steve: Yes. Is a 15-year mortgage more expensive than a 30-year mortgage?
Tyler: Not necessarily. Actually–
Steve: Tulsa Mortgage Depends on your definition of a ‘more expensive’?
Tyler: Right. It’s a little bit cheaper when it comes to interest, but it might be a little bit more expensive when it comes to payment.
Steve: Your payment might be higher, that’s right. We wanted to go over basically three or four things that have to do with the differences between a 15-year and a 30-year. I’m having the hardest time getting my phone [laughs]. Can someone in the studio please get my phone to where it’ll prop up and I can go live on Facebook?
Okay, I think that’s how we’re going to do it. How much does it increase my payment? Do I get a lower rate? How much interest do I save? I’m going to start with the third point because I always do 15-year mortgages, personally. It’s just something that I do.
Here’s what I tell people, I’m going to make 180 payments and you’re going to make 180 more. That’s the difference between a 15 and 30.
Tyler: Yes.
Steve: 180 times 180 or plus 180, multiplied by plus, is 360 payments which is what you make on a 30-year mortgage. That’s expensive, I think. That’s my opinion. I don’t blame anybody for doing a 30-year mortgage, but honestly if you got the money you might want to look at a 15. Do you agree, Tyler?
Tyler: I do agree.
Steve: The interest you say, which is my original question, is going to be a lot. In fact, here’s the easiest way to look at it. It’s going to be at least half-
Steve: -right? Because you’re making at least a half of the payments. Although you do have a higher payment, because that was our point one, is how much is my– does it increase my payment. That really depends. We’ve got a client right now that we’re doing a 15-year mortgage for. Do you remember them? [unintelligible 00:04:23 Enrique?].
Tyler: Yes.
Steve:  Tulsa Mortgage In his case, his payment goes down. He’s doing a refinance. He’s currently on a 30. He’s going to a 15-year and with a combination of his going from a 30 to 15 and getting a new insurance and that kind of thing, his payment is actually going down. Like a 100 bucks a month to go from a 15 or from a 30 to a 15.
Depending on your situation, it may not necessarily increase your payment to go to a 15. It just depends on what you owe. Really, if you can you just change your mindset and thinking of what you can afford, then my advice is buy less house, do a shorter-term. Buy less house, do a shorter term. How much interest do I save, Tyler?
Tyler: [laughs] Not only are you going to save half of what you owe on a 30-year, but number two, you get a lower rate and you might save a little bit more there, too.
Steve: Yes. I always make reference to me and Nathan. I’ll probably use this like a thousand times because we did the same loan amount, we closed two days apart, so our first payment was the same day and it was March– end of March 2013 and that was Tulsa mortgage three years ago. Little over three years ago. When you compare– and I’ve done this a bunch, because we’re constantly–everybody does, you’re measuring who has the best rate [laughs] and all that good stuff.
At 2.625% three years ago on a 15 versus 3.65% on a 30, I’ve paid about 68-69 thousand dollars in principle and interest–in principle, excuse me, for my loan balance and he’s paid about– what did we figure? About 20,000? Maybe 18,000, is that right?
Tyler: Roughly. Yes.
Steve: 22,000 something like that. That’s the difference. Now, if you do the math, I’ve also made more payments than him. My principle and interest payment is five or six hundred bucks more a month on my loan size. I’m still paying more interest and more– my payments are a lot higher and so that factors into it, too. Here’s my answer to how much does it increase your payment. Ask your lender and it’s a super easy exercise to go through. “Hey, I’m buying a house. I’m refinancing.” Whatever it is that you’re doing, and here’s the question – do you have a way of showing me what my payment is if I did a 15 or 20, or 25, instead of a 30? And it’s that easy. Your lender should be able to do that pretty quickly. How long does it take us on our system, Tyler?
Tyler: Not very long.
Steve: About two seconds.
Tyler: Yes.
Tulsa Mortgage Steve: To just say click, click and we’d say, “Here’s what your payment will be.” Don’t think that you can’t afford, that would be my advice. Ask somebody and they can talk to you about what it increases your payment, what it does rate wise because the answer to number two is absolutely it’ll get you a better interest rate. It won’t necessarily get you a better rate if you go from a 30 to 25 or from a 30 to a 20, but going from a 30 to a 15, that’s the money shot. That’s the hot sauce as Marshall says. That’s the hot sauce.
We got Sharon Dunlap, Kevin Currington, Rob Knapton, Shannon Doherty, Angela Branson, Sean Kitt all hanging out on Facebook. Looks like we got a few people watching, pretty early guys. I’m glad everybody’s up and chilling on the Facebook.
Tulsa Mortgage I do get a lower rate. I do save a lot of interest and– ask your lender what it does to your payment, because everybody’s different. We could take live on the show some scenarios and we could go run the numbers, but it’s really going to depend on a lot of factors: your loan amount, what type of loan you’re doing, all those things go into it. What else– what am I missing there,Tyler? What am I missing?